Fairmount Santrol price target raised to $6.50 at Cowen [Seeking Alpha]
FAIRMONT SANTROL HOLDINGS INC (FMSA)
Last fairmont santrol holdings inc earnings: 5/3 06:00 am
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US:NYSE Investor Relations:
investors.fairmountsantrol.com/investor-relations/default.aspx
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Source: Seeking Alpha
Fairmount Santrol price target raised to $6.50 at CowenFairmount Santrol (NYSE:FMSA) is maintained with anOutperform rating at Cowen with an improved $6.50 price target, up from $6, following the stock's decline yesterday despite better than expectedQ1 results.Cowen suspects the announcement of a new sand plant in Oklahoma stoked fears of oversupply, since other frac sand stocks including U.S. Silica (NYSE:SLCA), Hi-Crush Partners (NYSE:HCLP) and Smart Sand (NASDAQ:SND) also fell yesterday.The firm thinks FMSA's pending merger with Unimin, assuming a favorable May 25 shareholder vote, likely renders any standalone FMSA results and revisions less relevant as Unimin will represent ~60% of pro froma EBITDA.Cowen likes the merger, saying it adds scale in a cost competitive business and increases the proportion of less volatile industrial cash flows reducing leverage concerns; the downside is that FMSA will cede control to Unimin, which will have a 65% stake in the merged entity.Click to s
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